DRDO Partners With Apollo Micro Systems To Advance Anti-Ship Missile Technology
Apollo Micro Systems stock rose as much as 11.9% during the day to Rs 271.4 apiece on the NSE with the DRDO announcement.
The Defence Research and Development Organisation has approved Apollo Micro Systems as the production agency for the Multi-Influence Ground Mine – Vighana. The DRDO has also entered into an agreement to transfer the technology for the Omni-Directional multi-EFP warhead to Apollo Micro Systems.
This advanced warhead technology is a key component of the Naval Anti-Ship Missile – Short Range NASM-SR missile, a missile developed by DRDO to boost the Indian Navy's anti-ship capabilities.
The NASM-SR is designed for launch from helicopters and other naval platforms to engage enemy ships and other naval targets at a short range. This collaboration will enable Apollo Micro Systems to produce this critical technology, will help India's self-reliance in defense manufacturing.
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Apollo Micro Systems Share Price
Apollo Micro Systems stock rose as much as 11.9% during the day to Rs 271.4 apiece on the NSE. The stock settled 8.05% higher at Rs 262 apiece on the BSE against NSE Nifty 50's loss of 0.3% to 24,426.85.
Apollo Micro Systems shares have risen 148.63% in the last 12 months and 127% on a year-to-date basis. The total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 76.
One analyst tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 240, implying a downside of 8.4%.
